tv Bloomberg Markets Bloomberg May 12, 2015 12:00pm-1:01pm EDT
takeover gives provides an ox is -- access to its advertising business and media clip that could help make or money for mobile video operations. pimm: the paul hit by another powerful earthquake that measured 7.3. powerfulhit by another -- earthquake that measured 7.3. the last earthquake killed more than 8000 people in the himalayan nation. known as the master litigator, but his true legacy could be his law firm. pimm: i am pimm fox with betty liu. betty: breaking news.
senior market correspondent julie hyman on charter communications. julie: china continues to work on a takeover of right house networks. it sees that deal as a precursor to potential bid for time warner cable. this according to people with knowledge of the matter reported by alex sherman and ed hammond. charter had already agreed to by bright house for $10.4 billion, however, that acquisition was contingent on comcast buying time warner cable. that deal is no longer happening but included in the agreement was the ability of the two to continue to negotiate for 30 days that was called off. after the comcast-time warner cable deal called off and that happened april 24. some of the market has been discounting that this deal will happen but indeed, those discussions are still active and they could continue after that 30lusivity period that lasts days end. we are watching those shares of
charter on the news coming out and looks like shares are down slightly. they did spike up after headlines came out but since then they have come down. they are trading lower back -- by about .8 of 1%. he will update you on their activity throughout the afternoon. betty: julie hyman, our senior markets correspondent. pimm: additional breaking news. the senate ranking committee richard shelby has committed changes -- has proposed changes including oversight of the new york fed and a new commission with authority over the entire fed system and also regulatory relief or some banks. joining us on the phone from capitol hill with more details, chris condon. tell us what exactly is the proposal? iris: a couple of things would put my finger on right away. the first thing is what the bill did with regards to the fed when it says not include and that is interesting.
there is no interference with the independence of the monetary policy setting of the fed -- the way the fed sets interest rates and in terms of independence in setting those. the second thing i would note is there are some subtle shifts of power away from the fed board, those are the governors who work in washington, appointed by the president and confirmed by the senate. there is a shift in power from them to the wider federal open market committee which includes the regional debt bank presidents. chris, give us any estimate based on what you know about janet yellen and what her position is versus this new proposal by the senator. chris: i think there are some things that may anoint the fed, but overall, there are no new requirements in here. the fed was very much worried about whether lawmakers might
seek to interfere with the way they set monetary policy, the independents. there were several different proposals that might have sought to meddle in that area but for the most part, it really has avoided that. a linetingly, there is being drawn on the way the fed supervises the largest banks. there has been a lot of upset over whether the fed has properly policed the biggest banks on wall street. -- excusewould set up me, would require the gao, the watchdog group that for -- that reports to congress, to report regularly on whether -- on how the fed supervises the biggest things. betty: what is the significance of moving more power to the broader fomc? a couple of i think
things. first of all, generally, the ofrd is viewed as sort washington insiders. there is a better relationship in many cases between lawmakers on capitol hill and some of the fed regional banks. some of those dead presidents are viewed as more in touch with the banking and business communities out in the country. viewing the board as being more insulin. -- insular. this would give the authority to the wider body that includes the fed presidents. the power to set the interest rate on excess reserves. that is an important rates. the key fed rate as you know, but at the moment, the rate that has the greater influence on setting real market rate has
charges rate the fed for banks to deposit money at the fed, the excess reserves. --returning bad to the fomc in returning back to the fomc and lawmakers are saying they would like to make sure -- the real power of controlling short-term market interest rate -- remains with the body that is supposed to be making that policy, not with just the board of governors as it is at the moment. pimm: thank you, chris condon in washington. up, shares of aol's soaring today after verizon agreed to by the company for $50 a share. a 17% premium over monday's close. we will take a look at what is driving this deal. compensating the families of 100 people killed related to faulty ignition switches.
feinberg will join us with details. betty: we will look at the legacy of david boys, -- david sides of the coin. other top stories this morning -- verizon taking over a well, the top story. the wireless giant paid $50 a share for the internet company and this would be verizon's biggest moved to buy new revenue streams beyond calling and data. verizon -- will verizon get what it pays for? allen is the chairman and founder of rick crawford partners, alec, you and i just spoke about this before you came on. you are one of the original backers of aol right? allen: approximately 1984. betty: 1984! allen: approximately. company anda game
steve case -- steve was the chief marketing and ourselves and at that time it was alan patrick of associates and hamburg chris and i believe it may have been citigroup's, venture capitalists and a company called international nickel venture capital made the investment to take it out of bankruptcy. betty: did you exit when they got pop by time warner? alan: long before that. betty: you made good money on aol? we did very well. it is hard to believe they have over 4 million customers. in those days, they struggled for a long time. pimm: everyone is making a deal of the ad technology platform that a well has which is what verizon buys as part of the deal. who are the biggest competitors? alan; deservedly so, they are in major media content service between huffington post.
andington post is there gadgets, techcrunch, tim armstrong's emphasis has been in bringing content and media and becoming more of a media content which is obviously the basis of advertising they get. betty: i don't know, pimm, did you see some of the twitter -- twitter went on fire after this deal was announced this morning. i just want to show you -- we don't have this? ok, there were lots of tweets out. one of them i will read to you poor me coffee -- verizon is buying a well but there should be no service interruption for the dial-up account your grandma does not need or knows she has. has a wellfe still accounts. i am sure the change will be upsetting to her, but verizon now has a huge rock band
business and there are a lot of potential customers who i am sure will consider shifting over to verizon as a result of the emphasis they will get to the new services. placed on your experience with internet companies that rely on advertising and businesses that rely on advertising, verizon on advertising, that is a different model than what they are used to. ben: i don't think it will a small fraction, but nevertheless, whether they like it or not, advertising is a major component even if you are a network. you have to have advertising. we all like subscription but magazines are always taste on two sources, subscription and advertising. the media and internet -- pimm: they will do this with the verizon system that brings high-speed digital access to your home so you are not necessarily going to cable providers? exactly. broadband is where everything seems to be moving. customerse long-term
with dial-up will still probably stay with it for old habit but people will convert over the years because there are more services. i think it is a natural combination. you are bringing content and advertising to what is a wireless and over the top -- betty: right. it's now tour now but may not have seen natural five years ago except for the explosion of video online, right? we have talked about sort of the way tim armstrong has put together this powerhouse ad platform, but there is also the content side of it, right? verizon as well as at&t and other broadband providers are thirsty for content. this is exactly -- a time in thes venture capital business when none of us would touch content. today it is inevitable. content is in every place. we had of the company called makers studio which was content and elite daily -- betty: content never garnered
the kind of multiples we are getting from content now, right? alan: exactly. that's what i'm saying. the buzzwords today are mobile. video, over the top, and all of those things are front and center with this merger, so -- i have no knowledge of regulatory bodies but i think there is a good chance of getting it passed because there are a lot of complementary aspects here. pimm: the rise in being in the mobile phone business also controls what you see on your mobile phone. they have a gateway, right? if you want to put your content on there, distribution platform like a cable operator, you've got to get the ok. access -- theyet can't stop you from being on the mobile device. i think we all have smartphones and apps and a well has got all of those. i think it brings whole new dimension to verizon.
the image of two companies is very different and i think the combination will be one equaling three. pimm: thank you. betty: thank you. don't miss tim armstrong on bloomberg at 4:00 p.m. to talk about this make the deal. still ahead, harvard's loss is another ivy league's game. made anotherz and big real estate that but this time at his on the moderate gale. details, coming up. mater yale.n alma details, coming up. ♪
welcome back to bloomberg market day. i am him fox. betty: i am betty liu. let's get straight to julie hyman. we are seeing red in stocks. should pointgh we out it is not as deep as earlier in the session when we were watching that active on route happen in europe. we are seeing major averages down around .5 1%. that is considerably better and about half of what it was earlier. energy stocks on the rise of oil and we will get to that. technologyalth care, are leading some of the declines. imagine we have been watching the bond market and the bond is a lot that really began in europe after the long bond rally that have been occurring previously. now that the european markets are closed, it seems as though that selling pressure has abated. abated almost completely in the
10 year for example in the u.s. that has coincided also with the sort of uptake we have seen in the u.s. stocks. if you look at the dollar, however, not really the same trajectory. it has been trending lower for much of the day and has not recovered with the rest of the classes. i mentioned we would get to oil -- let's take a look. we didn't get those headlines about one hour ago now from saudi arabia saying a kept its production at an elevated level but did not increase it by much. at the same time, opec is saying demand is increasing and those two elements combined seem to have given a boost to oil prices and in turn, help those energy stocks i mentioned. pimm: thank you. betty: a look at the top stories crossing the bloomberg terminal at this hour. in nepal, crews are using heavy equivalent to search for survivors after seven point a
quick hit hardest in remote mountain regions outside of kathmandu. at least 42 people killed and more than 1000 injured. aid workers expect numbers to rise. last month quick killed more than 8000 people. mcdonald's drive-through customers will have fewer choices. outdoor menus will be simplified. the company wants to speed up the ordering process. mcdonald's plans to offer more items from the $1.50 to three dollar price range. a are combating others sales. the $3 billion legal pot business in the u.s. can't find a place to stash all the money. fewer than 200 small banks and credit unions are doing is this is with companies in the marijuana trade. big banks will not provide services with companies that engage in activities that are illegal under federal law. more than 200 million americans live in areas where state and local laws ok'd the sales of pot.
and 2012, the2002 global wine auction market more than audibled in value. also on the rise during that time, wine fraud. wine: maureen is a top fraud investigator helping to rid the wine industry of counterfeit and stolen wine. you told me something interesting about that, pimm. she explains what she does in trying to identify a bottle of
wine. maureen: a client brought me this bottle about four years ago. it took me 20 seconds to tell them it was the counterfeit bottle. wine fraud is not new. unfortunately, it is pretty safe to say that anybody who has been collecting and buying wine in the last 15 years has probably purchased at least one counterfeit wine. we manage private wine collections for individuals. people who are starting to collect all the way up to people who have tens of millions of dollars worth of wine. we also specialize in authentication of fine wine which is where the nickname the sherlock holmes of wine. it sounds really hokey but the first thing i do is spend a couple minutes just looking at it and taking it in. one of the things i am looking
for in any given bottle is consistency. in my toolkit i have magnification, flashlights, bluelight, and razor blades. the composition of paper and glue has changed over the years and there are chemical additives that have been put in. depending on how something were asked under a bluelight, you can date it. this bottle is supposed to be from 1947. it's florescent. this paper should be totally nonreactive. if it were true to its period, but it's not. seeification is useful to paper grain, the quality of the print, the type of the font and the size of the font. #'s.looking for shop -- they will be a result of proper printing. whether it is on the letterpress or other professional printing.
we don't have this type of fuzzy noise of all the splatter from jet.ck -- ink i do a lot of measuring. this actually has an authentic label and this is supposed to be in 1961. the problem is the cork is blank and they never would have done that. i have to say i have no worries about this bottle. it looks totally fine. this happens to be one of the few italian wines that is kind of frequency counter at it. this is embossed as it should be, the paper has a nice texture. a lot of times, counterfeiters can't afford or they don't use copper gold oil. it won't look this pretty. you have to have looked at tens of millions of bottles of -- dollars of real wine to spot a fake. it can be brutal to tell client
they have a quite, so i have to treat it like taking a band-aid off. that 1982 wine you have is actually a counterfeit. imagine you have a $1000 bottle of wine that is worth nothing. pimm: it's not only the amount of money but it's about whether it is real or not. for example, bill cope of the e koch- koch of th brothers supposedly bought wine from jefferson's collection. it turned out they were fake and not learned until many years later. he went and to the gentleman who sold the line. you had most recently, about three years ago, rudy who is an indonesian who has a predilection for certain kind of wine. he would buy millions of dollars of wine and it turns out he was selling wine that was fake and it was found out at an auction because it was selling a wine
that was not produced by the producer previously. in other words, they were selling a 1929 -- betty: a completely made up wine? vintage that they did not make it to 1937. betty: i feel like if you have enough money, you can hire someone like her. pimm: i will handed out for you for the rest of the hour. what do have coming up? betty: g.m. compensating more to faulty desk link ignition systems. we will talk to them and making that call, ken feinberg joining me in a few minutes. we will be back. ♪
vladimir putin. the first time they do have had direct talks since before the crisis in ukraine. kerry had a tweet and he had a talk with putin and the russian foreign minister. both sides had set low expectations. russia blames u.s. for starting the ukrainian crisis and the u.s. wants them to stop backing rebels there. way to is -- has found a expand footprint in video and online ads. verizon bought a lot -- will buy a well for $4.4 billion at $50 a share, a 17% premium to a was closing price yesterday. verizon getting a company that owns the huffington post and a collection of international news sites. timill talk with a walk ceo armstrong at about 4:00 p.m. eastern time. charter is working on it acquisition of competitive right house. the company agreed to a merger back in march but was contingent on the comcast and time warner cable deal being closed.
charter is continuing to negotiate a deal because it would make it easier to get financing for an eventual for time warner cable. the sixthse is largest cable provider in the united states. ago.news breaking moments u.s. cattle ranchers in the position they have not been in for almost one decade. they are increasing the size of herds. prices for cattle and beef soared last year because of a shortage in 2014. for the first time in eight years, the u.s. cattle herd actually increased. herds are not much larger than they were in 2013. the number of cattle hit its decade lows and those are your top stories. coming up in the next half hour, we will talk with ken feinberg, he has already agreed to pay families of 100 people who were killed in accidents related to faulty ignition switches. research -- greece reporting talks with finance ministers. maintain life
support for greece for now but a look at how markets are reacting. some call him a double agent. we will look at the legacy of the master lawyer who sues and defense big business at the same time. how does he do it? the attorney hired by general motors to oversee claims of faulty dish and switches announced a big round number yesterday -- 100. thedeaths and be named on switches and recalled cars and qualify for compensation by general motors. there are 184 injuries and both of those numbers might rise as the man in charge studies remaining claims. ken feinberg is the administrator of gm's ignition compensation fund and joins me now from d.c., thank you for joining us. 10: glad to be here. betty: a round number here. does that surprise you? ken: no. we received over 4000 claims and we are going to each one, one by
one. what we have found is that -- so situationshat in 100 where a death occurred, the ignition switch was the proximate cause of the accident. based on looking at the police report, the photographs of the accident, the maintenance records, etc. ,t is an uncertain calculation and uncertain practice but we are comfortable with it. betty: isaiah looking through our story, ken, you have 37 more death claims and 589 injury claims. you expect that number to go up or is that about right? as ofe can't go up january 31. that was the deadline for filing a claim, so those that claims and those injury claims you just referred to, those are the remaining claims in our inventory that we are examining, analyzing, and we will determine
how many of them, if any, how many of them should be eligible for compensation. betty: u.n. i have talked throughout the process over the last several months or as though and each time it is very interesting to hear some of the revelation that you see from looking at these claims. are you learning anything new than what you and i spoke about back in december? are you learning anything new about these claims are g.m. itself? ken: not really. we establish this transparent public protocol that laid out the rules and the program. we administered that protocol in an impartial and fair way. -- as weave found is talked about earlier, betty, when you try and reconstruct accidents that occurred 10 years ago, it is very, very difficult. the car is gone, there is no
black box data available, you have to use circumstantial evidence. you've got to look at the evidence available, the police report, the photographs of the accident to try and reconstruct what might have happened. betty: do you have any sense that the claims you now have could outstrip the reserve that general motors has put aside for this? not.absolutely absolutely not. i think that general motors, which has been very cooperative in this program from the very beginning, i think they have thatipated that the funds would be necessary must be made i have noand indication of a, none, that gm will not be able to honor all of the eligible claims compensation. fund, as a separate
you are well aware, there is now a lawsuit filed in march on the half of the big m's families who claim -- the dems families who tim's that -- vic families, there was a cover-up when it came to the defect in the nation switches. the lawyer for the family of lance cooper -- of the family, lance cooper the attorney, he it up toe -- "chalked incompetence. it was a cover-up by gm." all, is this going to impact your investigation or your review of the claims and what do you make of this lawsuit? ken: that information for my purposes is irrelevant. we are not looking at what happened or why it happened in terms of any potential liability in the part of gm. we are looking at a very factual allegation that the switch itself was the cause of the
accident. that is our concern. all of this other discussion that i read about like you do, about allegations of cover, allegations of liability and all of that -- not on my watch. i am simply working with the ts to try and figure out, what, if they are eligible, and two, it a are eligible, what the competition should be. betty: before i let you go, being that you have gone to claims and like you said, some of them are decade old or more, what would you recommend going forward to either gm or other automakers as they issue more recalls? as consumers get calls and worrying -- cars and worry about recalls, what would you recommend to make the process better? there is stuff out there, two thirds of recalls -- two thirds of the people with recalled cars
don't even go to fix them. it is a bad problem out there where people are not even aware of some of these recalls. ken: betty, there are experts looking at this, on whether to recall, how to make recalls more effective, what gm or ford or chrysler other companies might do to encourage drivers to return their automobiles in a recall. is,of that, important as it is not on my watch. it is not part of my jurisdiction. i've got to focus on whether an individual claimant who lost a loved one or was physically injured in an automobile accident should be compensated under the limitations imposed by this program and we paid a lot of people. that is my focus. i cannot be diverted from that. we anticipate finishing this up. sometime in july, we hope, and
that is our goal and then we will issue a report and lay it all out for the public to review in terms of how this program function. betty: hope to stick with you then as well, ken. thank you for joining me. ken feinberg, the administrator of the g.m. compensation fund. bloomberg market day continues at the top of the hour. mark will be joining me, tell me what is coming up. mark: you know exactly what is coming up. andinterviewed byron green very nicely done. mr. wayne making production past 2015. he's talking about 2016. betty: that's right. he says stocks will continue to go strong, at least for this year. this is what he said about where stocks are today. >> david: if you ask me how i describe the market, i think therely valued -- fairly valued.
not overvalued and not undervalued. on the other hand, they need to improve. this point ofm view, if the s&p 500 earnings 120 and selling around 2100, that is in earnings in yield of 5.5%. compare that to a 2% treasury. betty: ok, earnings continue to grow and makes sense and stock markets will rise. it will not be, mark, the huge double-digit gain we saw in the last several years. mark: you set down, when byron wein talks, people listen. and john kerry with the russian foreign minister, we will be standing by in case they have comments to make. i will see you coming up in about 20 minutes. betty: all right, mark. still ahead, another blackstone titan billionaire steve schwarzman putting on piles of money.
betty: welcome back. let's get a look at markets trading at this hour. starting with u.s. equities, stocks are down but not as much as we saw earlier. the dow is off by about 28 points. lots of news on the corporate front, including the verizon and a well deal. oil and commodities -- oil is rising or was this morning -- yes, it is. given that, it seems like shell production is declining. we know that has been a long-term story but that has been hitting oil today. in currency markets, let's take a look at how the dollar is
trading. it has been stabilizing around these levels. it is lower against the euro and as well against the yen weakness across the board inequities. now look at you -- european market action. here is bloomberg's jon ferro. john: thank you. let me wrap up the trading day. an ugly session for european equities. in frankfurt down by almost 2%. to round things out, the main embassies off by 1% as well. you can get doomsday scenario when european equities but it is was considering the stoxx 600 is still up 16% for 2015. remarkable gains and they will come back a little bit. the route to the equity market and capitalists of that is right here with fixed income. here it is in europe -- spain, france, berlin, the headline --
bond yields go higher again by seven basis points and 0.68%. equities selling off and bond selling off. the euro getting a little bit stronger. .8 of 1%.another it has been about the weaker dollar and you see that on cable as well. i will bring up sterling, higher, 156 61 and up one point -- .5 of 1%. ahead of the quarterly inflation report from the bank of england tomorrow. back to you. asia, sharesght in dropped in tokyo for a second day as more and less suspended coverage following an investigation into improper accounting practices. david ingles has much more. shares andtoshiba seven banks have stopped coverage of the stock for the meantime. they say they will wait this one out.
investors hate that phrase of accounting irregularities. we know this is about understating costs of projects. we might actually them revise downwards with previous earnings reports at some point in the future. betty: back here in the states, bloomberg's julie hyman has big stories of market days. julie: i want to start with an update on one being brought to you about 45 minutes ago. charter communications continuing to work on a potential takeover of white house networks. the deal have been given up by some for dead. charter and bright house had agreed to attempt a four-point billion-dollar takeover that was contingent on comcast buying time warner cable. that deal fell apart and they still have 30 days to have talks with one another and people with knowledge of the matter telling alex sherman and ed hammond they are indeed still in talks. charter shares not getting a
boost. lowest level since february 20 third and down for a sixth straight day. the other big deal, today is arizon agreed to buy a -- wealth or $4.4 billion or $50 a share. the rise in acquiring the company to try and get its programmatic ad business among other pieces of technology. verizon shares down slightly today. you all at a five-month high. -- thisking at gap after the company said april sixs cost sales at the main stores fell sharply by 15%. overall, sales on a comparable basis down 12% of last month. a lot of concerns about cap as it tries to find a new way forward under its relatively new ceo. those shares having the worst day in a month and trading at a six-month low. betty: a lot of work to be done on cap. julie hyman, senior markets
corresponded. steve schwarzman, the billionaire cofounder of lack stone. no straight into philanthropy. scholarsso founded the program in china, donated to the new york public library and announced he will give $150 million to his almost modern yale to build a student center. earlier, he shared how this gets came about. steve: alec that giving substantial money to yale overtime. givingoked at substantial money to yale overtime and i find that people tend to find me now. they approach me with a few alternatives things that might be of interest and this one particularly was of interest to me. betty: schwartzman says the new student center at neo will serve as an educational and cultural hub and expected to open in 2020. much more ahead on bloomberg market day. argues rights and independence.
betty: earlier this hour i spoke to ken feinberg, handling victims compensation for 9/11, hurricane katrina, and now gm. another attorney who is more famous than fiber, maybe it is this guy, david boies. graber, hef frank claimed they hundred aig in a bailout. they are the latest in a string of alstom cases and a remarkable
career of david boies. they just broke the profile of the legendary attorney already. a lot of people don't know this, you point this out in your story, david was not only does pierce attorney but he is also an entrepreneur. david eightn 1997, headlines when he left the archetypal corporate law form. -- law firm. he said he would set up a boutique and called it a country law office near his mansion in westchester. that has now morphed into a 300 lawyer powerhouse and it is one andhe most influential ubiquitous corporate litigation shops in the country. someyear, they pulled in $345 million. their partners are on an average of more than $3 million apiece and our article in businessweek is all about how boies has built his business.
he is also a notch up in your and not just a trial lawyer. betty: how has he been able to build his business and get his stature? paul: the real point of different -- differentiation for his business is that they play both sides of the courtroom. corporate law firms represent pretty much exclusively large corporations. they are mostly on the defense, smaller companies, government, consumers, so forth. that is the nature of law, that's when the money is. isid is more likely to -- just as likely to show up on behalf of the government or small consumers as they are on the half of a big company like dupont or oracle. betty: how is he able to do this? paul: he has broken through the assumption that a law firm has to declare fealty just to big corporations. the in-house general counsel interviewed and said that his
firm is so sharp and so willing to go to trial as opposed to compromise and so familiar with how their opponents think that they are willing to overlook their occasional lack of loyalty. this is basically a random identification. -- brand identification. we fight for either side. betty: he really displayed his skills in that level of expertise in this aig case. not quite over yet. what he has accomplished there is he took the case that hank greenberg suing the government saying he and other shareholders of aig were wrong by the taxpayer bailout of aig. the counterintuitive idea to most people and most people thought that we, the taxpayers, rescued aig. betty: and we got paid for it, too. paul: that is true. but greenberg did not like the way that was done and filed this long shot lawsuit seeking perhaps $40 billion and david
had taken a case that no one thought was winnable and basically made it a toss up. we are waiting to see what the judge will say. betty: i think everybody thought this deal -- this case is not going to go. paul: that's exactly right. the loan to aig, the $85 billion loan that came with the condition that aig turning over an 80% interest in their equity to the government, the. that -- the theory that that was somehow oppressive to the shareholders who otherwise would have seen the company go under and lose all their value. the notion that somehow the shareholders and greenberg deserve to be paid was seen as laughable and now it is seen as possible. betty: as, oh, my goodness, maybe that could be a ruling in favor of hank. is this the biggest case for david? paul: he has been involved in huge antitrust cases, defending
ibm, going after microsoft. he has been involved in huge social reform cases. gay marriage case, he defended that casen unsuccessfully in 2000. at the moment, this is probably the biggest influx casey is handling. it could be $40 billion. betty: amazing. paul, thank you so much for joining me. much more ahead on the bloomberg market day. blackstone shares their production for this year and beyond. stocks, bonds, and much, much more. ♪
deal valued at 4.4 billion. this could help them make more money from multiple video. mark: myron weiner looks into his crystal ball and tells us about 10 things to watch in 2016. gross is given about $700 million so far. we will hear more about his philanthropic efforts and his definition of success. good afternoon, i am betty liu, here with mark crumpton. welcome to the bloomberg market day. let's start with a look at what is moving the markets up on this tuesday. let's start with a